bitFlyer adopts crypto deposit limits to comply with Travel Rule
Cryptocurrency exchanges in Japan are preparing for the enforcement of the Financial Action Task Force’s Anti-Money Laundering (AML) regulations known as the Travel Rule.
Major Japanese crypto exchange bitFlyer on May 30 announced the adoption of measures in response to the enforcement of stricter AML measures targeting crypto transactions in Japan.
bitFlyer has introduced restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network. Adopted by major industry firms like Coinbase and Crypto.com, TRUST is a platform allowing exchanges to securely manage customer data legally required by the Travel Rule.
bitFlyer’s latest restrictions relate to 21 countries and regions that require information notification based on the Travel Rule. In the announcement, the listed countries and regions are shown in the table, including jurisdictions like the United States, Canada, Hong Kong, Singapore and others.
There are also restrictions on the types of crypto assets supported by the TRUST. bitFlyer currently facilitates TRUST transactions for cryptocurrencies like Bitcoin (BTC), Ether (ETH) as well as ERC-20 assets like Shiba Inu (SHIB), Polygon (MATIC) and others.
Effective immediately, bitFlyer’s new AML restrictions apply to all corporate and individual customers who deposit and send crypto assets using the exchange.
According to the announcement, Coincheck is the only Japanese exchange that is part of the TRUST network and can interact with bitFlyer. At the time of writing, Coincheck and bitFlyer only support BTC transactions via TRUST. More cryptocurrencies, including ETH and ERC-20 tokens are coming in the near future, bitFlyer
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